Mortgage Application Document Checklist

Why Documentation Can Make or Break Your Mortgage Process

A strong mortgage application isn’t just about income and credit scores—it’s about presenting a complete, accurate financial profile to your lender. Missing or inconsistent documents can lead to delays, complications, or even denied applications.

By preparing the right documents upfront, you streamline the approval process, reduce back-and-forth with lenders, and position yourself as a reliable borrower.

At Optimize, we help you gather, organize, and review everything needed—ensuring a smooth, efficient application from day one.

Essential Documents for Your Mortgage Application

1. Proof of Identity

Government-issued photo ID (passport, driver’s license).
Social Insurance Number (for credit verification).

2. Proof of Income

For salaried employees:

Recent pay stubs (typically last two).
Letter of employment confirming position, tenure, and salary.
Last two years of Notice of Assessment (NOA) from CRA.

For self-employed individuals:

Two to three years of personal and business tax returns.
Business financial statements.
CRA Notice of Assessments.
Articles of incorporation (if applicable).

For commission-based or variable income:

Detailed income history, including pay stubs and NOAs.
Employment contracts (if relevant).

3. Proof of Down Payment

Bank statements showing savings history (90 days).
RRSP statements (for HBP withdrawals).
Gift letter (if receiving down payment from family), confirming funds are not repayable.

4. Proof of Assets

Statements for other investments (TFSAs, FHSAs, mutual funds, etc.).
Vehicle ownership documents (if relevant).
Other property ownership details.

5. Details of Debts and Liabilities

Statements for credit cards, lines of credit, personal loans.
Auto loan documents.
Student loan statements.

6. Property-Related Documents (after offer accepted)

Purchase agreement and MLS listing.
Property tax estimates.
Condo fees (if applicable).

Optimize ensures each document is reviewed for accuracy, ensuring it aligns with lender expectations and avoids discrepancies.

Tip: Prepare your full document set before making an offer. A complete file speeds up underwriting and can strengthen your position in a competitive market.

Why Lenders Require These Documents

Each document serves a purpose:

Income documents verify your ability to make payments.
Down payment verification prevents money laundering concerns.
Asset and liability disclosures allow lenders to assess your debt service ratios.
Property details ensure the home meets lender criteria and valuation standards.

Missing or unclear documents slow down approval and may raise red flags. At Optimize, we manage this proactively.

Common Pitfalls and How We Help You Avoid Them

Inconsistent income reporting between pay stubs and NOAs.
Undocumented large deposits triggering lender questions.
Expired identification or incomplete employment letters.
Misunderstanding the 90-day rule for down payment funds.

Important: One of the most common causes of delay is unexplained deposits. Lenders need full documentation for large transfers — even gifts. Always verify before moving funds between accounts.

Optimize’s review process ensures your application package is complete, clear, and positioned for success—before it reaches the lender.

How Optimize Makes This Process Easier for You

We provide:

A personalized checklist tailored to your employment type and borrowing situation.
Hands-on support in gathering and organizing documents.
Pre-submission reviews to catch inconsistencies.
Coordination with lenders to minimize document requests after submission.

With Optimize, your mortgage application is not just submitted—it’s presented with clarity and confidence.